Bitcoin. It’s more than cash. It has always been. And the recent innovative enterprisings and regulatory frameworks have created a level playing for bitcoin to prove itself. Entities like Celsius and Nexo enable banking on Bitcoin by providing cryptocurrency loans and paying reasonably high interests on crypto deposits.
But, is it really so?
Do these entities really support a decentralised, immutable currency over digital fiat and it’s derivatives in the form of stablecoins? A simple comparison of the rate of interests offered on deposits of different crypto currencies reveals the answer. As of today, on Celsius, a stablecoin (such as USDC, USDT, TUSD etc) deposit earns you an interest of 10.88% per annum. But, a Bitcoin (BSV) deposit earns a mere 2% interest per annum.
The justification for this is that stablecoins are stable in price whereas crypto currencies like BSV are regularly subject to extreme price fluctuations. But, from an idealistic viewpoint, this argument overlooks the fact that crypto is meant to be used and not just held. A coin’s price should be determined by the utility it offers, the innovation it brings, the worldly problems it solves. Unfortunately, we are far from such a day if it ever comes.
So what is the solution?
How can Bitcoiners enjoy high interests on their BSV holding without converting them into stablecoins and thereby losing the opportunity of a future rise in price?
Introducing MirrorBSV, a synthetic asset tokenized on the BitcoinSV blockchain that enables Utility Banking!
Here’s how MBSV works.
- MBSV tracks the price of BSV. One MBSV equals 0.1 BSV. The user deposits his BSV holding to receive MBSV in the ratio of 1:10.
- We at MirrorBSV convert the BSV deposits into stablecoins and deposit them at trusted crypto lending outlets to maximise interests.
- From the interest generated by these stablecoins, we pay up to 4% interests pa (presently 10% interests pa for beta users) to the MBSV token holders. The interest is paid in BSV on a weekly basis (every Saturday). The interest is directly paid to the paymail of the user.
So what if the price of BSV surges all of a sudden and the user wants to withdraw his BSV deposits?
The user can redeem his MBSV tokens for BSV at anytime he wants. We constantly maintain a huge BSV reserve that our investors directly add to and as such, the user has complete, continuous and unrestricted access to his funds.
The supply and issuance of our token corresponds to the reserve level we maintain. This enables us to serve the MBSV token holders in the best possible way.
Until now, “Banking on Bitcoin” really meant banking on stablecoins or earning the bare minimum for holding bitcoin. But, with MirrorBSV, it’s high interests rates and zero risks, “Banking on Bitcoin” assumes the true meaning of “Banking on Utility!”
Learn more at MirrorBSV.com
